Bitcoin Crashes To $98,000 As HODLer Selling Accelerates

Overview

Recent on-chain data indicates that Bitcoin long-term holders have increased their selling activity, contributing to Bitcoin’s decline below $100,000. This trend raises questions about market dynamics and the potential implications for future price movements.

Selling Trends Among Long-Term Holders

On-chain analytics firm Glassnode reported a notable trend in the behavior of Bitcoin long-term holders (LTHs). These individuals or entities have held their Bitcoin for over 155 days without selling or engaging in transactions on the blockchain. Typically, investors who retain their assets for extended periods are viewed as less likely to sell. However, current data suggests that even these steadfast holders are choosing to liquidate their positions.

According to Glassnode, the selling activity among Bitcoin LTHs is not unprecedented; they have previously sold during market rallies in 2024. Despite periods of increased accumulation, recent data indicates a significant reduction in the supply held by these long-term holders. It is important to note that while selling is easily identifiable in the data, an increase in LTH supply does not necessarily indicate current accumulation. Instead, it reflects coins that have matured into the LTH category after being held for the required duration.

The latest wave of selling has been characterized by an acceleration in distribution from LTHs, coinciding with a bearish trend in Bitcoin’s price. This selling may stem from a belief among some holders that this could be their last opportunity to realize profits before potential further declines.

Market Response

In the days leading up to the price drop, Bitcoin attempted to maintain a position above $100,000. However, this effort faltered, and the price subsequently fell below this threshold. The historical context suggests that bull markets rely on continued demand to offset selling pressure from long-term holders. The outcome of this current selling spree remains uncertain, as it could either attract new demand or lead to a prolonged bearish phase for Bitcoin.

Impact on the Crypto Market

• Increased selling from long-term holders may signal a shift in market sentiment.
• The decline below $100,000 could affect investor confidence in Bitcoin.
• Historical patterns suggest that sustained demand is necessary to stabilize prices.
• The current bearish momentum may lead to further price adjustments if demand does not materialize.
• The behavior of long-term holders could influence market strategies for both retail and institutional investors.

Updated: 11/14/2025, 6:35:20 AM